17.16 With that, we're closing up the blog for the night. Thanks for reading and commenting. We'll be back bright and early in the morning to bring you the latest news in the business world. Until then, you can find all the top stories of the day at our finance page. Have a good evening.

17.06Breaking: GlaxoSmithKline has just announced it is appointing a new head of its China business - Herve Gisserot, according to Reuters. The company also told them travel restrictions on the China CFO Steve Nechelput have been lifted.

16.40 Despite recovering some ground, the FTSE 100 has still ended the day down, recording a loss of 32.48 points, or 0.5pc, to 6,587.95. Investors have been bombarded with company earnings today and while some have pleased, with drugmaker Shire gaining 5.5pc in the wake of its numbers, others have not. Capita, for example, has dropped 3.9pc after its latest update sparked margin worries.

15.55 As GlaxoSmithKline faces the prospect of prosecution in China, it's half-year filing, lodged yesterday, reminds us that it is still wrapping up the fall-out from old legal battles.

Buried in its half-year results statement, GSK disclosed that it settled with eight state attorneys in the US over lawsuits involving its controversial diabetes drug, Avandia. Together with a separate deal with the state of Louisisana related to other products, the total paid out in legal settlements reached $229m.

Avandia, once GSK's best-selling diabetes drug, came under fire in 2010 when it was linked to an increased risk of heart attack and other heart problems. It was withdrawn from sale in Europe and heavily restricted in the US.

Justin Welby is wrong on credit unions. And by suggesting they are a panacea for people who need to use the services of pay day lenders such as Wonga, he is missing the point.

Credit unions are essentially money clubs - set up by a group of individuals as a co-operative to allow members to save and borrow money.

Rules vary, but it tends to be the case that only savers can borrow money - therefore how on earth setting up more credit unions could lead to an alternative to the needs of people who have short-term money worries remains to be seen.

Recent reports suggest some 18 credit unions have collapsed in the last two-and-a-half years - however it should be pointed out that most in the UK are covered by the Financial Services Compensation Scheme, which guarantees up to £85,000 of savings.

It is also worth pointing out that credit unions do not equate to low or zero interest rates. A report published by the Joseph Rowntree Foundation in 2009 found that even on a not-for-profit basis, the average annualised percentage rate (APR) of home credit by a credit union would have to be at least 123pc, without taking in the cost of funding and lending capital.

Clearly this is an APR substantially lower than that offered by Wonga and the like, but it is far from affordable.

Credit unions are a perfectly acceptable form of institution, but only alongside banks and more stable financial institutions.

What Wonga's regular borrowers need to step out of the monthly borrowing cycle is for the big banks to stop making money on overdrafts, restructure overdrafts that never move into the black into loans, and look at workable payment plans.

Credit unions may help to fulfill Justin Welby's own view of ethical banking, but they are not a realistic example in this instance.

Archbishop of Canterbury, The Most Reverend Justin Welby told the payday lender Wonga that he wants to force it out of business by competing with it. Photo: PA

15.22 The AskAmbrose session is over, but you can still read the whole session. Questions ranged from the eurozone debt crisis to "middle-class housing fetishism".

The session started off with Ambrose's favourite topic: the eurozone. How will the endgame play out, asked a reader.

EMU leaders do just enough to hold the eurozone together, but never enough to solve the crisis, so the agony drags on. We’re getting very close to the point where the debt spirals in most of southern Europe spin out of control, so whether it takes one more global shock or two, the current course is untenable.

Only a massive reflation strategy can at this point save the project. We’re chained to this beast, so whatever they do, it’ll take us with them.

How can we prepare for a financial Armageddon, asks another.

Political will can always triumph over finance. Armageddon can only happen if leaders let it happen. Public debt is ultimately smoke and mirrors - it can be conjured away by monetary magic. But be careful if you own bonds... equities are safer once this game starts.

15.13Facebook shares are up 25pc to $33.20 in early trading in New York after it announced better-than-expected second quarter numbers last night.

The shares were floated at $38.

14.43 Trading is underway in the US, and the picture is much the same as in London.

The Dow Jones Industrial Average is off 0.3pc, while over here, the FTSE 100 is down 0.5pc. Back with the individual movers, drugmaker Shire has surged 4pc on well-received second quarter results that were released at mid-day. But SABMiller, which issued first-quarter numbers an hour before Shire, has declined 3.9pc on news of falling lager sales.

14.27 Each week The Telegraph's comment desk put a person forward for Q&A and this week is the turn of our very own Ambrose Evans-Pritchard.

If you want to put a question to Ambrose get yourself on to Twitter and use the hashtag #askambrose or you can submit them on the live Q&A here.

It kicks off in a few minutes (14.30).

&lt;noframe&gt;Twitter: Chris Deerin - It's time for &lt;a href="http://search.twitter.com/search?q=askambrose" target="_blank"&gt;#askambrose&lt;/a&gt;. He literally knows the answer to EVERYTHING. He even looks clever. LET'S DO THIS &lt;a href="http://t.co/XE0dmVYobL" target="_blank"&gt;http://t.co/XE0dmVYobL&lt;/a&gt;&lt;/noframe&gt;

14.22 More from the annual `Article IV' health check on the eurozone - the IMF also said the eurozone economy would shrink by 0.6pc this year, the same as in 2012. It is expected to grow by 0.9pc next year but this will not be enough to make a dent on unemployment, and could easily be thrown off course by a fresh global shock.

There is a high risk of stagnation, especially in the periphery. Such an outcome could push the periphery toward a debt-deflation spiral.

The report said that it may take years to unwind the colossal credit boom of the early EMU years.

Historically, almost all of the run-up in household debt tends to be reversed. But in the euro area, the reduction in debt-to-GDP ratios has barely started, and the boom was more pronounced.

Furthermore, in past deleveraging episodes, the debt reversal was largely facilitated by high inflation and growth, and supported by expansionary fiscal policy. Because these factors will not contribute much to the ongoing deleveraging process in the euro area periphery, the adjustment is likely to be protracted and have to rely more on reductions in nominal debt.

The contrast with history is similarly sobering when it comes to corporate debt," said the Fund, adding that the EMU periphery has the daunting task of triple deleveraging by governments, households, and firms all at the same time.

Source: IMF

The Fund said it is crucial that the eurozone deliver on pledges from a proper banking union and resolution fund capable of "swift decisions on burden sharing".

"The macroeconomic environment continues to deteriorate," said the Fund in its annual `Article IV' health check on the eurozone.

Recovery remains elusive. Growth has weakened further and unemployment is still rising, and the risks of prolonged stagnation and inflation undershooting are high. Mounting social and political tensions pose an increasing threat to reform momentum."

The report warned that the onset of a new tightening cycle in the US had already led to major spill-over effects in the eurozone, pushing up bond yields across the board.

Early tapering by the Fed "could lead to additional, and unhelpfu,l pro-cyclical increases in borrowing costs within the euro area. This could further complicate the conduct of monetary policy and potentially damage area-wide demand and growth. Financial market stresses could also quickly reignite," it said.

The Fund said the European Central Bank must take countervailing action to prevent "a vicious circle setting in," ideally by cutting interests, introducing a negative deposit rate, and purchasing a targeted range of private assets.

It should launch "credit-easing" policies to alleviate the deepening lending crunch in Spain, Italy, and Portugal, where borrowing costs for firms are 200 to 300 basis points higher than in Germany, with small businesses struggling to raise any money at all. The IMF said the more the Fed tightens in the US, the more the European authorities need to offset this with other forms of stimulus.

He says Britain is on the mend, but there is still some way to go and he knows that "things are still diffcult for families".

He adds that there is "reason for optimism about the direction of the economy" as all the sectors of the economy grew - the first time since 2010.

13.37 Francois Hollande says the recession in the eurozone may be over, judging from recent economic data.

The French President told a news conference at a regional summit in Slovenia:

Indicators published in the last few days look as if we have reason to believe we have overcome the recession, but it is still fragile.

His comments come just days after French finance minister Pierre Moscovici declared the recession in France over, pointing to forecasts from the Bank of France and INSEE for growth of 0.2pc in the second quarter compared to a contraction of 0.2pc in the first.

French President Francois Hollande at a press conference in Slovenia

13.15 Delving deeper into the Spanish unemployment figures (see 11.22), they may not be as encouraging as the headline suggests.

Unsurprisingly, the Spanish government had predicted "good" data - and will probably hail the new figures as a success of its policies. But once the summer is over, as happened last year, the figures may ultimately tell a rather different story.

The two Spanish regions where the number of employed people increased the most were the Balearic Islands (Ibiza, Formentera, Mallorca and Menorca) and Andalusia - top tourist summer destinations.

A similar phenomenon took place last summer. The initial, non-seasonally adjusted figures for June 2012 showed a 0.2% drop in unemployment from May 2012. However, once these figures were seasonally adjusted the result was actually a 0.2pc increase. The graph below highlights this well, showing that there is a similar dip in unemployment every year when the summer approaches.

Source: Eurostat

OpenEurope also notes that the decrease in unemployment is due to a fall in the active population (those working or seeking work) -76,100 people less over the same period.

Finally, it is important to keep in mind that the on-going emigration of Spaniard reached records levels of close to 60,000 in 2012, which is linked to active people falling out of the active labour force.

We may well see future declines in unemployment but they will be meaningless if they simply arise from less people actively searching for work or moving abroad to find work elsewhere.

12.45 How accurate are the first GDP estimates anyway? Our great graphics team have created this to show you.

It shows how the revisions have evolved over time with the most recent estimate for GDP (in black) compared to the highest (in green) and lowest (in grey) historical estimates made by the ONS for that quarter's GDP.

Notably the ONS revised the preliminary estimate for Q1 2012 up by 0.2 percentage points last month, erasing the symbolic "double dip" recession.

12.31 While GDP may not be back at pre-recession levels, this chart from the ONS shows that employment is above its pre-crisis peak, as are the hours worked.

ONS notes:

The labour market has been resilient since 2008; employment did not fall to the same extent as

output during the recession, and exceeded its pre-recession peak in Q1 2013.

12.18Deutsche Bank is also putting today's GDP figure into context and has created this graph to illustrate just how far the UK is behind other G7 countries (except Italy).

The bank notes:

UK GDP remains well below its peak – by some 3.3pc. This compares poorly to other G7 economies, as our final chart right shows. Only Italy among the G7 is further below its peak than the UK. And US GDP in Q1 (the latest figures we have – the Q2 report is due in just under a week’s time) is about the same above its peak as the UK’s is below.

In an open letter to shareholders, chairman Bob Wigley said he was "disappointed" and that "the rights of existing shareholders have been strongly argued", but that the situation was unavoidable.

Hibu, formerly known as Yell, said it had agreed terms with a committee of big lenders that will see the creditors take control of the company in exchange for slimming its debt.

The company, spun off from BT in 2001, borrowed a large amount of money in order to fund an acquisition spree but found itself unable to honour its obligations as the rise of internet search engines hit its directories business.

The creditors, which include Soros Fund Management and Deutsche Bank, have agreed to reduce Hibu's obligations by around £800m and agreed to reduced interest on some of its remaining debt.

Yellow Pages, published by Hibu

11.49 Back in the FTSE 100, which is still down around 1pc, Unilever, the consumer goods giant, has also disappointed with its latest numbers and is down 1.8pc. Sales for the second quarter have come in below forecasts, with conditions in the emerging markets looking tough.

11.36 Even more good news for Spain - a trio of Spanish banks have posted big jumps in first-half profits as trading gains and lower writedowns on property assets helped a partial recovery from their torrid time last year.

Bankia, the biggest Spanish bank in state hands, posted a €200 million profit for the first half of 2013.

The bank, bailed out in 2012, made record losses of €19.2 billion last year - the biggest of any bank globally - mostly on soured property deals and was already deep in the red in the first half.

Mid-sized rivals Sabadell and Bankinter also reported rises in profit from a year ago.

Sabadell posted a €123 million net profit for the first half of the 2013, beating analyst expectations after big gains from financial transactions, such as trading operations.

Bankinter's net profit in the first half was 102 million euros, sharply up from the same period a year ago when it was hurt by writedowns on rotten property assets.

Spain needed a €42 billion euro bailout of its banks last year, with most of the problems among its raft of smaller lenders.

The Bankia headquarters building in Madrid

11.22 Moving on from the UK to Spain, where unemployment has fallen for the first time in two years.

On the back of demand for workers during the tourist season, unemployment fell to 26.26pc in Spain, the eurozone's fourth biggest economy.

There were 225,200 fewer jobless people compared to the figure for the previous quarter when a record 27.16 percent was out of work, according to national statistics office INE.

The total jobless number reached 5,977,500 for the quarter, dipping under the psychological barrier of 6 million.

The figures come just a day after the central bank said the recession-hit country seemed close to a recovery.

INE said:

If we compare the development of unemployment of this quarter to the same quarter during the last five years, it must be underlined that the fall in unemployment is the biggest since 2008.

The positive figures add to a series of good news from the eurozone, where business data suggests that the region was finally on the way out of a long-drawn recession.

11.08 So the second quarter was 0.6pc, which when combined with the first quarter, means the UK's economy saw 0.9pc growth in the first quarter already.

So what do the experts expect for the year?

&lt;noframes&gt;Datatable: &lt;/noframes&gt;

11.03 Nice interactive graph showing what sectors made up GDP and their contribution.

&lt;noframes&gt;Interactive chart: Output by sector&lt;/noframes&gt;

10.58 Sterling had initially risen today in anticipation of the GDP figures, but has since fallen against the dollar as markets had already factored in a 0.6pc expansion and appear to be left somewhat disappointed.

Marcus Bullus, trading director of MB Capital, said:

While the Government and policymakers will declare this first estimate of second quarter GDP as a major step forward, deep down the markets will be disappointed by the rate of growth.

Yes, it was in line with expectations. But the awkward silence of the journalists in the media conference betrayed the sense of disappointment.

The market reaction was equally muted, and Sterling promptly dipped.

Sterling is down 0.2pc against the dollar to $1.5278

GBP v USD in Thursday's trading

10.45 Economist Shaun Richards makes a good point that today's first estimate is only based on 44pc of data available, so it is very possible that it could be revised.

&lt;noframe&gt;Twitter: Shaun Richards - Take care with the UK &lt;a href="http://search.twitter.com/search?q=GDP" target="_blank"&gt;#GDP&lt;/a&gt; figures as they are based on only 44% of the data so there is the danger of revisions appearing later....&lt;/noframe&gt;

Also, previous quarter revisions are not included in first estimates, so we will have to wait until Friday 23 August when the second estimate for growth in the three months to June 30 comes out, to see if there have been any changes made.

10.38 Worries over margins at outsouring company Capita, which reported half-year results, have pushed the shares down 4.9pc. The group has made a downgrade to its margin guidance and Investec analyst Gideon Adler said:

After nudging down margin guidance at the prelims, management has re-set forecasts again this morning to a range of ’12.5pc to 13.5pc for the foreseeable future’, citing on-going investment behind contract implementation and the integration of large acquisitions. We are already positioned cautiously with our margin forecasts for FY13E, but this will be food for thought for investors concerned by the directional travel on margins, in spite of a robust revenue outlook.

More broadly, falls in the heavyweight mining sector are dragging on the wider FTSE 100, which is now down 1pc.

10.26 Shadow Chancellor Ed Balls (who is in Washington DC at the moment) welcomes the growth, but he's still not happy.

&lt;noframe&gt;Twitter: Ed Balls - After 3 damaging years of flatlining, this growth is both welcome &amp;amp; long overdue. But still no recovery in family living standards.&lt;/noframe&gt;

&lt;noframe&gt;Twitter: Ed Balls - Over the last 3 years, the US has grown nearly 3 times faster than the UK - America 3% above pre-crisis peak, UK stilll over 3% below&lt;/noframe&gt;

&lt;noframe&gt;Twitter: Ed Balls - But here in US, where much stronger growth, still same deep concern as in Britain about squeeze on living standards for ordinary families&lt;/noframe&gt;

&lt;noframe&gt;Twitter: Ed Balls - In UK, while millionaires have been given a huge tax cut, for everyone else life is getting harder - prices rising much faster than wages&lt;/noframe&gt;

10.09 As you would expect there is no end to the reaction coming in.

The tone of most of it is that today's figure is good, but don't get too excited, there is still some way to go for this recovery.

Here's a snippet.

Ian Stewart, chief economist at Deloitte:

This broad based rise in activity sets the scene for a gradual acceleration in growth next year.

We are a long way from the heady rates of GDP growth that prevailed before the crisis, but the UK is on the mend.

Rob Wood, Berenberg Bank

After the quagmire that was 2012, close to one percent growth in the first half of this year, it shouldn't be sniffed at.

Even if it is the result of a sugar rush of low interest rates and rising house prices getting consumers out spending money they don't have.

Victoria Clarke, Investec

It's better news, certainly the strongest growth rate that we've seen in the late part of 2012.

But nevertheless we wouldn't say it's consistent with a strong recovery or even escape velocity with the UK still some way below its pre-crisis peak, and with this number effectively in line with what the Bank of England had penciled in for the second quarter also.

&lt;noframe&gt;Twitter: Rob Wilson - Great news on growth figures. Growth of almost 1% in 1st 6 months. Economy is healing but we must stick to the Plan! Still long way to go!&lt;/noframe&gt;

Like a hungry man presented with a Big Mac, Britain has been starved of real growth for so long there is a danger we might lose perspective today. Second quarter expansion of 0.6pc is mildly satisfying, but it hardly fills the hole.

The economy is still 3.3pc smaller than its peak level before the recession – five years on. The recovery is still the slowest in over a hundred years – even worse than in the Great Depression. And, worst of all, Britain is still growing more slowly than its potential.

George Osborne has studiously avoided declaring he’s seen any “green shoots” and he’s likely to continue being careful for some time yet. Unless the second quarter’s respectable growth rate is at least matched in the final two quarters of the year, he won’t be able to call it a real recovery – one where Britain actually starts to make up the lost ground.

The UK may eventually get back to its 2007 peak, but if annual growth is below 2pc – the estimated trend rate – the country will be wasting its resources and condemning a larger proportion of the workforce to the dole than necessary.

The good news, though, is that there is clear evidence the recovery is gathering a head of steam. If surprise first quarter growth of 0.3pc was the moment the economic motor sputtered back into life, today’s data puts us firmly into second gear. And the recent stream of positive data suggests we are picking up speed.

09.50 The good news on the UK economy has done little to cheer up stock market traders, with the FTSE 100 down 0.6pc, a slightly heavier fall than before the GDP data came out.

The economic figures did not beat forecasts but were instead in line with expectations and, in any case, the FTSE 100 has a much greater exposure to the international economy.

09.49 GDP figures are good, but the recovery still has some way to go, says Osborne.

&lt;noframe&gt;Twitter: George Osborne - GDP stats better than forecast.Britain's holding its nerve, we're sticking to our plan, the economy's on the mend.But still a long way to go&lt;/noframe&gt;

Er, no George - they aren't better than forecast, they are smack-bang in line.

09.40 According to the first estimate, all four sectors of the economy increased - agriculture, production, construction and services - that is the first time all four have expanded since the third quarter of 2010.

The largest contribution came from services which increased 0.6pc, which contributed 0.48 percentage points to the overall figure. It is worth noting that services makes up 78pc of the UK economy.

Source: ONS

Source: ONS

09.32 Here is a graph showing GDP since 2007 until today's figure - which is inline with analysts' expectations.

09.30 BREAKING: The UK economy grew by 0.6pc in the second quarter compared to the first three months of the year, according to the Office for National Statistics.

09.19 Back to markets - shares in pub and retaurant group Mitchells & Butlers have slumped 6.4pc this morning, despite the group reporting a 1.6pc rise in third-quarter like-for-like sales.

But Panmure Gordon analyst Simon French said the group's 2pc growth in LFL sales in the nine weeks to July 20 - which includes the heatwave that Britain has experienced - had fallen short of his forecast of 4pc.

Greg Johnson at Shore Capital also said "the trading backdrop appears a little sluggish given the help from the weather".

09.15 Some good news for Germany

German business confidence rose for a third month in July, indicating that Europe’s largest economy is recovering.

The Ifo institute’s business climate index, based on a survey of 7,000 executives, rose to 106.2 from 105.9 in June.

Economists predicted an increase to 106.1, according to the median of 45 forecasts in a Bloomberg News survey.

Today's figures add to speculation of a recovery after PMI figures yesterday showed that the country's manufacturing sector unexpectedly expanded for the first time since July 2011.

German unemployment also unexpectedly declined in June and the nation led the first expansion in eurozone manufacturing in two years in July.

09.02 Doesn't look like George Osborne got much sleep last night, and it has nothing to do with today's GDP number.5

The Chancellor was spending Wednesday night seeing how businesses operate through the night and how night shift work, to learn about how the UK economy runs at night

First stop was the WarburtonBakery near Birmingham.

Later he went to see road works taking place on a section of the M6 motorway:

Then he was off to meet staff at Tesco's National Distribution Centre near Rugby:

Photos: Stefan Rousseau/PA Wire

08.46 Micro chip designer ARM Holdings, which beat expectations with second-quarter results yesterday, is the heaviest faller on the FTSE 100 today, having lost 5pc. Analysts at Bernstein reiterated their bearish call on the shares, in part because of the mounting threat posed by Intel. UBS analysts have also removed the company from their key calls list today.

Persisting talk that car parts-maker GKN could make a hefty acquisition have dragged its shares off 2.5pc. But buoyed by first-half results that came in above forecasts is Reed Elsevier, up 1.9pc.

08.31 Yesterday’s weak close on US equity markets has set a mildly negative tone for international markets today.

Matt Basi, head of UK sales trading at CMC Markets UK, said:

After a rally of nearly 9pc in US markets since late June, short term traders are prone to be trigger happy and in these circumstances selling momentum can have an element of the self-fulfilling.

08.28 European markets are also trading lower this morning.

In Germany the Dax is 0.3pc

In Spain the Ibex is down 0.1pc

In Italy the FTSE Mib is down 0.4pc

In France the Cac is flat

Only Portugal has seen growth this morning, with the PSI20 up 0.6pc

08.22 After gaining ground yesterday, the FTSE 100 is still drifting lower and has now lost 18 points, or 0.3pc , to 6,602 in early trade, despite a strong rise for engine-maker Rolls-Royce, which has advanced 3pc on the back of impressive first-half earnings.

Mike van Dulken, head of research at Accendo Markets, notes:

FTSE100 unmoved from its 6590-6665 range with catalysts for either a breakout or breakdown lacking as the summer hits the half-way point.

As we keep repeating though, the longer the sideways move, the more energy that builds for the subsequent move. For the moment it’s still a pause with an uptrend.

08.18 Pray-day loans

The Archbishop of Canterbury has told Wonga that the Church of England wants to "compete" it out of existence as part of its plans to expand credit unions as an alternative to payday lenders.

The Most Rev Justin Welby said he had delivered the message to Errol Damelin, chief executive of Wonga, one of Britain's best-known payday lenders, during a "very good conversation".

He told Total Politics magazine:

I've met the head of Wonga and we had a very good conversation and I said to him quite bluntly 'we're not in the business of trying to legislate you out of existence, we're trying to compete you out of existence'.

He's a businessman, he took that well.

The Archbishop's remarks come after he launched a new credit union for clergy and church staff earlier this month at the General Synod in York.

Mr Welby, who has served on the parliamentary Banking Standards Commission, has said he plans to expand the reach of credit unions as part of a long-term campaign to boost competition in the banking sector.

Mr Damelin, founder of Wonga, said:

The Archbishop is clearly an exceptional individual and someone who understands the power of innovation.

We discussed the future of banking and financial services, as well as our emerging digital society.

There is mutual respect, some differing opinions and a meeting of minds on many big issues.

BT has released first quarter results showing a 1pc drop in revenues to £4.5bn and a pre-tax profits of £449m, down 16pc on a reported basis or up 5pc on an adjusted basis.

Ian Livingston, chief executive who is leaving to become Trade Minister, has said the results show the "significant investment" the group has been making. Most keenly watched is BT Sport, the group's audacious challenge to Sky Sports. With the channel due to launch on August 1, Livingston has revealed that "more than half a million households" have already signed up.

Rolls Royce has reported a 28pc just in first half revenues to £7.3bn and an order book that has jumped 15pc to £69.2bn.

Reported pre-tax profits are down 30pc to £884m but that's distorted by the IAE disposal that boosted the number last year; adjusted pre-tax profits are up 34pc to £840m. John Rishton, chief executive, said that even so "we have a lot more to do on cost and cash."

Unilever has reported a 3.8pc jump in first half turnover and an 18pc rise in pre-tax profits. Paul Polman, chief executive, said there had been particularly strong growth from Lipton Yellow Label and Knorr jelly bouillons and baking bags.

The media group Daily Mail & General Trust has announced revenues of £448m in the third quarter, showing underlying growth of 3pc on last year but a decline of 8pc on a reported basis over the past nine months. Growth from the B2B division is up 5pc over the three quarters but DMG Media revenues are down 6pc to £196m.

Travis Perkins has announced the retirement of its chief executive Geoff Cooper on January 1; he will be replaced by his deputy, John Carter.

In a trading update, the building supplier has credited the Government's Help to Buy for a 7pc surge in revenues over the past two months but over the past six months revenues grew 1.6pc but pre-tax profits are down 18pc to £106m due to earlier cold weather.

Britvic has said third quarter revenues dropped 1.5pc to £480.1m, taking the year-to-date drop to 3.3pc. After its potential tie-up with AG Barr was abandoned earlier this month, chairman Gerald Corbett said "Britvic's prospects as a stand-alone company are bright."

The power group SSE is also holding its annual meeting today, the first in a decade without Ian Marchant at the helm. Alistair Phillips-Davies, the new chief executive, is likely to face questions on tariffs mis-selling after SSE was fined £10.5m by Ofgem earlier this year.

BT first quarter results showing a 1pc drop in revenues

08.02 The FTSE 100 is now open and has fallen slightly in early trading, down 9.38, or 0.14pc, to 6,612.28.

07.58 Ahead of the UK's GDP figures, the British Retail Consortium has provided a good omen with a report showing that retail employment rose 3.7pc in the second quarter compared with last year.

The building sense of optimism was evident in the survey by pollsters YouGov and the Centre for Economic and Business Research, which showed that consumer confidence “has pulled out of a nosedive”.

At 104.6, the July reading was the strongest since April 2010.

According to CEBR and YouGov, household confidence “has strengthened significantly since the start of the year after twelve months of stagnation and three years of fragility”. Part of that was due to “homeowners becoming increasingly optimistic about the value of their houses”.

07.45 China has unveiled measures to boost its sluggish economy.

The "mini stimulus" will see the government will eliminate taxes on small businesses, reduce costs for exporters and line up funds for the construction of railways.

The State Council, China's cabinet, said late on Wednesday it hoped to "arouse the energy of the market".

It announced a three-pronged approach. First, it has temporarily scrapped all value-added and operating taxes on businesses with monthly sales of less than Rmb20,000 (£2,117). It said the tax cuts, which go into effect at the start of August, would help more than 6m enterprises which employ tens of millions of people

Second, the government pledged to simplify approval procedures and reduce administrative costs for exporting companies. Among the various moves, it said it would temporarily cancel inspection fees for commodities exports and streamline customs inspections of manufactured goods.

Third, it said it would create more financing channels to ensure that the country can fulfil its ambitious railway development plans. More private investors will be encouraged to participate and new bond products will be issued.

Though limited in size, the move could herald more policy moves to prop up growth.

It is the strongest indication yet of the leadership's concern about the slowdown and one that also underscores a shift in Beijing's approach to managing its economy.

07.20 The big news out today will be the first estimate of the UK's second quarter GDP data.

Economists are forecasting 0.6pc growth, to follow the 0.3pc growth seen in the first quarter.

However, that is just the average estimate. The range is quite large, from 0.1pc to Santander's 0.8pc.

As Kathleen Brooks, research director at Forex.com, points out, the hard data released in the three months until June has been fairly good, which should support a "decent" Q2 reading.

She notes that:

• The average reading of the service sector PMI was 54.9 in Q2, well above the historical average of 52.2.

• The construction sector PMI also managed to climb back into expansion territory over the quarter.

• Consumer confidence is at its highest level since 2010.

• Profit warnings for UK companies are at their lowest level since 2011.

The weakest link in the second quarter has been employment growth, which slowed dramatically. However, strong gains in jobs during the last two years was bound to slow at some stage, so we don’t think that this is indicative of a future economic slowdown at this stage, although the recovery remains fragile. Household earnings have also picked up in Q2 after bottoming in March 2013, which may boost household spending during the quarter.

Thus, we expect a solid reading of Q2 GDP, and the positive economic signals of late may even see this report beat expectations of 0.6%.

Keith Anderson, the energy giant’s boss, said the government had got its sums wrong over the costs of implementing its new “Energy Company Obligation” (ECO) programme – and refused to rule out raising prices as a result.

Analysts warned that suppliers were likely to increase prices by a “high single digits” percentage before winter, due to rising costs from the schemes as well as wind farm subsidies, the new carbon tax and network upgrade costs.

ScottishPower said yesterday the costs of implementing energy efficiency schemes had risen by 137.7pc, to €155.8m (£134.3m) for the first half of the year.

This led to a 7.3pc drop in profits from its UK power generation and energy supply business, to €224.7m – despite revenue and gross margin both rising as usage increased in the cold weather and the company gained new customers.